Parastone applies to change Veneto covenant

The manager of Veneto Place in Fernie is talking about removing a covenant that exists on 12 of the attainable housing units.

  • Sep. 11, 2013 1:00 p.m.

The manager of Veneto Place in Fernie is talking to BC Housing and The City of Fernie about removing a covenant that exists on 12 of the attainable housing units.

The 10-year affordable home ownership covenant means that the buyer is not able to sell the unit on the open market until they have owned it for at least 10 years.

Simon Howse, General Manager and CEO of Parastone, the developers, told council on August 26 it has been really hard to sell the units with this covenant in place. He proposed that the terms of the covenant be reduced to two years.

Howse has to apply to BC Housing to change the covenant. BC Housing part-funded the Veneto Place project.